Nevsun Resources Ltd. (TSX:NSU) (NYSE MKT:NSU) (the “Company” or “Nevsun”) announces that it has sold and shipped the first zinc concentrate product from the Bisha mine in Eritrea.
The ten thousand tonne lot was loaded at the Port of Massawa and sailed on September 7, 2016. The concentrate was sold on the spot market, attracting multiple offers and highly competitive treatment charges.
The Bisha mine completed the zinc flotation plant expansion earlier in 2016 on-time and under-budget. The plant allows Bisha to produce separate copper and zinc concentrates simultaneously from processing primary ore from the Bisha open pit mine.
Cliff Davis, Nevsun CEO commented,
“We are pleased to have a high quality zinc product coming to market in an environment of rising zinc prices.
Bisha is the only significant new zinc concentrate coming to market in 2016 and we are being aggressively courted for offtake by various customers.
We would like to congratulate our partner, the State of Eritrea, for adding another export product to the economy and thank them for their support.”
Nevsun is scheduled to load additional shipments in the coming weeks and is ramping up to commercial production which is forecast for Q4 2016.
Brokerage Firm Rating Update on Nevsun Resources Ltd (NSU)
By Fred Moore,
Zacks Investment Research ranks Nevsun Resources Ltd (NSU) as 2, which is a Buy recommendation. 2 other analysts are mildly bullish on the stock and favor a Buy. A total of 1 analysts believe that the stock has a limited upside, hence they advise a Hold. The average broker rating of 3 research analysts is 2.33, which indicates as a Buy.
Nevsun Resources Ltd (NSU) : The consensus price target for Nevsun Resources Ltd (NSU) is $3.6 for the short term with a standard deviation of $0.26. The most optimist securities analyst among the 3 who monitor the stock believes that the stock can reach $4, however, the pessimist price target for the company is $3.
For the current week, the company shares have a recommendation consensus of Buy.
Nevsun Resources Ltd (NYSEMKT:NSU): stock was range-bound between the intraday low of $3.225 and the intraday high of $3.32 after having opened at $3.32 on Wednesdays session. The stock finally closed in the red at $3.32, a loss of -1.82%. The stock remained in the red for the whole trading day. The total traded volume was 523,359 shares. The stock failed to cross $3.32 in Wednesdays trading. The stocks closing price on Thursday was $3.3.
Nevsun Resources Ltd. (Nevsun) is engaged in the acquisition, exploration, development and operation of mineral property interests. The Companys principal mining operation is the Bisha Mine and the Companys principal mineral property is the Bisha property, which is owned by Bisha Mining Share Company (BMSC).
The Company’s wholly owned subsidiaries include Nevsun (Barbados) Holdings Ltd., Nevsun Africa (Barbados) Ltd. and Nevsun Resources (Eritrea) Ltd.
The Company has 60% interest in BMSC. Bisha is a volcanogenic massive sulphide (VMS) deposit located 150 kilometers west of Asmara, Eritrea, East Africa.
The Bisha mine hosts a gold, copper and zinc deposit and the overall Bisha district includes satellite VMS deposits known as Harena, Northwest and Hambok.
The Bisha Main deposit is located within the Bisha Mining License and the Harena satellite deposit lies in a separate mining license 6 kilometers south. Bisha Main and Harena form 100% of the mineral reserves for Bisha.